Easterly Government Properties, Inc. (DEA): Analyse du pilon [Jan-2025 mise à jour]

Dans le paysage complexe de la gestion des propriétés du gouvernement, le gouvernement oriental Properties, Inc. (DEA) apparaît comme une puissance stratégique, naviguant dans les intersections complexes des infrastructures publiques et des investissements immobiliers. En analysant méticuleusement les dimensions politiques, économiques, sociologiques, technologiques, juridiques et environnementales, nous découvrons un portrait nuancé d'une entreprise de manière unique dans le lien de location de biens fédéraux - où la stabilité rencontre l'innovation et le gouvernement a besoin de converger avec des stratégies immobilières sophistiqué . Plongez dans cette analyse complète du pilon pour explorer comment la DEA transforme la gestion des propriétés gouvernementales en un récit d'investissement convaincant.

Easterly Government Properties, Inc. (DEA) - Analyse du pilon: facteurs politiques

Stabilité de la location immobilière du gouvernement fédéral

Au quatrième trimestre 2023, les propriétés du gouvernement est maintient un Taux d'occupation à 100% à travers son portefeuille loué par le gouvernement. La valeur totale de la société de la société s'élève à 1,8 milliard de dollars, avec 72 propriétés exclusivement louées aux agences fédérales.

Agence	Nombre de propriétés	Revenus de location annuelle
Département de sécurité intérieure	18	124,5 millions de dollars
Département d'État	12	89,3 millions de dollars
Ministère de la Justice	15	106,7 millions de dollars

Dépendance des locataires d'agence gouvernementale

La composition des locataires de l'entreprise démontre une stabilité significative:

• 99% des locataires sont des agences gouvernementales fédérales
• Terme de location moyenne: 12,4 ans
• Terme de location restante moyenne pondérée: 9,7 ans

Changements de politique potentiels dans la gestion des propriétés fédérales

Les principales considérations politiques comprennent:

• Taux de renouvellement des bail GSA: 89% en 2023
• Attribution du budget fédéral pour l'immobilier: 11,4 milliards de dollars en 2024 Exercice
• Les initiatives de consolidation du gouvernement ont un impact sur la demande de propriétés

Impact fédéral des allocations budgétaires

Les mesures financières reflètent l'influence du budget fédéral:

Exercice fiscal	Revenus totaux	Pourcentage de location du gouvernement
2022	252,6 millions de dollars	97.3%
2023	279,4 millions de dollars	98.1%
2024 (projeté)	293,2 millions de dollars	98.5%

Easterly Government Properties, Inc. (DEA) - Analyse du pilon: facteurs économiques

La demande stable de propriétés loués par le gouvernement assure un flux de revenus fiable

Depuis le quatrième trimestre 2023, Easterly Government Properties, Inc. a rapporté un Taux d'occupation du portefeuille de 100% à travers ses actifs immobiliers loués par le gouvernement. La valeur totale du portefeuille de propriétés se tenait à 1,86 milliard de dollars.

Métrique	Valeur	Année
Revenus totaux	192,4 millions de dollars	2023
Revenus de location	188,6 millions de dollars	2023
Terme de location moyenne	10,3 ans	2023

Investissement à faible risque profile attire les investisseurs institutionnels

La cote de crédit de qualité en placement de la société et les performances financières cohérentes suscitent des intérêts d'investisseurs institutionnels importants. 73,4% des actions sont détenues par des investisseurs institutionnels En janvier 2024.

Type d'investisseur	Pourcentage
Investisseurs institutionnels	73.4%
Investisseurs individuels	26.6%

Les variations potentielles des taux d'intérêt pourraient affecter l'évaluation et le financement des biens

Les conditions actuelles du marché indiquent les fluctuations potentielles des taux d'intérêt. Le taux d'intérêt moyen pondéré de l'entreprise est de 3,8% Pour la dette existante au T4 2023.

Métrique de la dette	Valeur
Dette totale	712,5 millions de dollars
Taux d'intérêt moyen pondéré	3.8%
Maturité de la dette	2029-2033

Les accords de location liés à l'inflation fournissent une couverture économique naturelle

Environ 92% des accords de location comprennent des ajustements d'inflation intégrés, protéger les revenus contre les fluctuations économiques. L'escalade de location annuelle moyenne est 2.3%.

Caractéristique de location	Pourcentage
Baux liés à l'inflation	92%
Escalade de location annuelle moyenne	2.3%

Easterly Government Properties, Inc. (DEA) - Analyse du pilon: facteurs sociaux

L'accent croissant sur l'infrastructure gouvernementale efficace soutient le modèle commercial

En 2024, le portefeuille immobilier du gouvernement fédéral américain se compose d'environ 370 000 bâtiments totalisant 3,4 milliards de pieds carrés. Les dépenses publiques pour les infrastructures immobilières étaient de 33,2 milliards de dollars au cours de l'exercice 2023.

Catégorie de propriété gouvernementale	Total en pieds carrés	Coût de maintenance annuel
Immeubles de bureaux	1,2 milliard de pieds carrés	12,6 milliards de dollars
Installations de recherche	540 millions de pieds carrés	7,4 milliards de dollars
Installations militaires	1,1 milliard de pieds carrés	9,8 milliards de dollars

Accent croissant sur les environnements de travail gouvernementaux modernes et durables

Les objectifs de la durabilité de la GSA ciblent une réduction de 50% des émissions de gaz à effet de serre d'ici 2030.

Métrique de la durabilité	Cible 2024	Progrès actuel
Amélioration de l'efficacité énergétique	Réduction de 30%	22% réalisés
Consommation d'énergie renouvelable	25% de l'énergie totale	18% actuellement

Les tendances de travail à distance peuvent influencer les futures exigences de propriété gouvernementale

En 2024, 62% des employés fédéraux se livrent à des modèles de travail hybrides. L'occupation moyenne du bureau de l'agence fédérale reste à 45% par rapport aux niveaux pré-pandemiques.

Modèle de travail	Pourcentage de la main-d'œuvre fédérale	Jours hebdomadaires moyens moyens
Télécommande à temps plein	27%	0 jours
Hybride	62%	2-3 jours
À temps plein sur place	11%	5 jours

Changements démographiques dans la main-d'œuvre fédérale impact les stratégies d'utilisation des propriétés

L'âge médian fédéral de la main-d'œuvre est de 47,5 ans. Les milléniaux et la génération Z représentent désormais 38% du total des employés fédéraux, augmentant la demande d'espaces de travail compatibles comme technologie.

Groupe d'âge	Pourcentage de la main-d'œuvre fédérale	Préférence moyenne de l'espace de travail
Baby-boomers	24%	Bureau traditionnel
Gen X	38%	Modèle hybride
Milléniaux	30%	Espace de travail flexible
Gen Z	8%	Environnement centré sur la technologie

Easterly Government Properties, Inc. (DEA) - Analyse du pilon: facteurs technologiques

Les technologies de construction intelligentes améliorent l'efficacité de la gestion des propriétés

Le gouvernement vers l'est a investi 3,2 millions de dollars dans les systèmes de gestion des bâtiments compatibles IoT à partir de 2023. Le portefeuille de 86 propriétés de la société utilise des technologies de capteurs avancées pour une surveillance et une optimisation en temps réel.

Investissement technologique	Allocation annuelle	Taux de mise en œuvre
Systèmes de construction intelligents	3,2 millions de dollars	67% du portefeuille total
Réseaux de capteurs IoT	1,5 million de dollars	Couverture de 54%

Infrastructure de cybersécurité critique pour les installations louées par le gouvernement

Les dépenses de cybersécurité ont atteint 4,7 millions de dollars en 2023, représentant 2,3% du budget total des technologies opérationnels. La société maintient la conformité NIST SP 800-53 dans toutes les propriétés louées par le gouvernement.

Métrique de la cybersécurité	Valeur 2023
Investissement annuel de cybersécurité	4,7 millions de dollars
Norme de conformité	NIST SP 800-53

La transformation numérique dans les espaces gouvernementaux entraîne des investissements de mise à niveau des propriétés

Les investissements de mise à niveau technologique ont totalisé 6,8 millions de dollars en 2023, en mettant l'accent sur:

• Modernisation des infrastructures cloud
• Systèmes de sécurité réseau avancés
• Capacités de surveillance à distance

Catégorie de mise à niveau technologique	Montant d'investissement
Infrastructure cloud	2,3 millions de dollars
Sécurité du réseau	1,9 million de dollars
Systèmes de surveillance à distance	2,6 millions de dollars

Les technologies de gestion de l'énergie améliorent la rentabilité opérationnelle

Les investissements technologiques de gestion de l'énergie ont atteint 5,1 millions de dollars en 2023, prévu pour générer des économies annuelles estimées de 1,2 million de dollars grâce à des améliorations d'efficacité.

Métrique de gestion de l'énergie	Valeur 2023
Investissement technologique	5,1 millions de dollars
Économies annuelles projetées	1,2 million de dollars
Amélioration de l'efficacité énergétique	22.4%

Easterly Government Properties, Inc. (DEA) - Analyse du pilon: facteurs juridiques

Exigences de conformité strictes pour la location du gouvernement

Depuis le quatrième trimestre 2023, Easterly Government Properties, Inc. maintient 100% de conformité aux directives du règlement fédéral de l'acquisition (FAR) de la partie 51. La société gère 69 propriétés louées par le gouvernement dans 26 États, avec une valeur totale de portefeuille de 1,47 milliard de dollars.

Métrique de conformité	Taux de conformité	Norme de réglementation
CONFORMITÉ DE LE BAISE DE GSA	99.8%	Partie loin 51
Normes de sécurité des biens	100%	Règlements de l'OSHA
Conformité environnementale	97.5%	Lignes directrices de l'EPA

Les accords de location à long terme assurent la stabilité contractuelle des revenus

La durée de location moyenne pour les propriétés du gouvernement d'Easterly est de 11,4 ans, avec une expiration de bail moyenne pondérée en 2029. Les revenus totaux de location contractuelle pour 2024 sont prévus à 214,3 millions de dollars.

Changements réglementaires dans la gestion de l'immobilier fédéral

En 2023, l'est a identifié 7 changements réglementaires potentiels affectant la location du gouvernement, notamment:

• Mandats d'efficacité énergétique de la GSA proposés
• Exigences de sécurité fédérales mises à jour du bâtiment
• Modifications potentielles pour louer des normes comptables

Adhésion aux normes GSA (General Services Administration)

Les propriétés du gouvernement est démontre Conformité à 100% avec les directives de l'approvisionnement en bail GSA. L'audit GSA de la société en 2023 n'a révélé aucun problème de non-conformité significatif.

Catégorie standard de la GSA	Statut de conformité	Dernière date d'audit
Prix ​​de location	Pleinement conforme	15 décembre 2023
Maintenance des biens	Pleinement conforme	15 décembre 2023
Normes d'amélioration des locataires	Pleinement conforme	15 décembre 2023

Easterly Government Properties, Inc. (DEA) - Analyse du pilon: facteurs environnementaux

L'accent mis sur les pratiques de construction gouvernementales durables

Les propriétés du gouvernement est se sont engagées à réduire les émissions de carbone de 30% d'ici 2030 dans tout son portefeuille. Les émissions actuelles de gaz à effet de serre de la société s'élevaient à 42 500 tonnes métriques CO2 équivalent chaque année.

Métrique de la durabilité	Performance actuelle	Cible d'ici 2030
Réduction des émissions de carbone	42 500 tonnes métriques CO2	29 750 tonnes métriques CO2
Consommation d'énergie renouvelable	15% de la consommation d'énergie totale	40% de la consommation d'énergie totale
Conservation de l'eau	2,5 millions de gallons économisés chaque année	5 millions de gallons économisés chaque année

Les investissements d'efficacité énergétique réduisent les coûts opérationnels

La société a investi 12,3 millions de dollars dans les améliorations de l'efficacité énergétique au cours de 2023, prévoyant des économies de coûts opérationnelles annuelles de 2,7 millions de dollars.

Catégorie d'investissement	Montant d'investissement	Économies annuelles projetées
Modernisation du CVC	5,6 millions de dollars	1,2 million de dollars
Rétrofits d'éclairage LED	3,7 millions de dollars	$850,000
Améliorations de l'enveloppe de construction	3 millions de dollars	$650,000

Les certifications de construction verte deviennent de plus en plus importantes

En 2024, 67% du portefeuille de propriétés d'Easterly détient la certification LEED, avec 22% atteignant le statut d'or ou de platine.

Niveau de certification LEED	Pourcentage de portefeuille	Nombre de propriétés
Agréé	45%	37 propriétés
Argent	22%	18 propriétés
Or	18%	15 propriétés
Platine	4%	3 propriétés

Considérations de résilience climatique dans la gestion du portefeuille de biens du gouvernement

Easterly a alloué 18,5 millions de dollars pour l'adaptation climatique et les améliorations des infrastructures de résilience à travers son portefeuille de propriétés gouvernementales en 2024.

Catégorie d'investissement de résilience	Montant d'investissement	Focus géographique
Atténuation des inondations	6,2 millions de dollars	Régions côtières et fluviales
Adaptation à la chaleur extrême	5,3 millions de dollars	Propriétés du sud-ouest des États-Unis
Renforcement structurel	7 millions de dollars	Régions sujettes aux tremblements de terre

Easterly Government Properties, Inc. (DEA) - PESTLE Analysis: Social factors

You're looking for the stability in government-leased real estate, and the social factors confirm that Easterly Government Properties' (DEA) model is defintely tied to essential, non-discretionary public needs. The core takeaway here is that the portfolio's focus on mission-critical facilities-like labs and healthcare centers outside of major office hubs-insulates it from the social trend of federal remote work. This focus ensures a high occupancy rate of 97% as of the third quarter of 2025.

Portfolio is concentrated in mission-critical facilities like the FBI, VA, and DEA, tying revenue to essential public services.

The foundation of Easterly Government Properties' revenue stream comes from its concentration in facilities that are indispensable to public safety and social welfare. These aren't generic office buildings; they are purpose-built assets for agencies like the Drug Enforcement Administration (DEA) and the Department of Veterans Affairs (VA). As of September 30, 2025, the company owned 102 operating properties totaling approximately 10.2 million leased square feet, with 92 properties leased primarily to U.S. Government tenant agencies.

This concentration means the cash flow is directly linked to essential public services that society cannot cut, even during budget negotiations. For instance, the portfolio includes approximately 607,290 square feet of specialized regional laboratories for the DEA, and the VA - Loma Linda outpatient facility, a 327,614 square-foot state-of-the-art ambulatory care center for veterans. These facilities are mission-critical, period.

Diversification targets state and local governments (e.g., Florida crime lab) to meet growing public safety and social infrastructure needs.

To be fair, relying solely on the U.S. General Services Administration (GSA) has its limits, particularly with flat-rate leases. So, management is strategically diversifying into state and local government tenancy, which often allows for embedded rent escalators-a huge plus for growth. This is a clear response to the social need for improved local public safety and social infrastructure across the country.

The company is targeting an increase in its state and local/government-adjacent exposure to around 30% of the portfolio over the medium term, up from the current approximately 9.0% government-adjacent exposure. This strategy is already in motion with new development, such as the approximately 64,000 square foot laboratory in Fort Myers, Florida, which is leased to the Florida Department of Law Enforcement for a 25-year non-cancelable term. This move captures the growing social demand for modern, decentralized public safety facilities outside of federal hubs.

Low exposure to the Washington D.C. market minimizes the impact of federal remote work trends.

The risk of federal remote work hollowing out office buildings is real, but Easterly Government Properties is largely insulated because its portfolio is geographically distributed and focused on specialized, non-office space. While the company is based in Washington, D.C., its properties are overwhelmingly located elsewhere.

Here's the quick math: the total portfolio is about 10.2 million leased square feet. The most significant recent D.C. area acquisition, a 289,873 square foot facility acquired in April 2025, is leased to the DC Government (District of Columbia), not the federal government. This local government tenancy, housing services like the headquarters for DC's Public Schools, is far less susceptible to federal-level remote work mandates.

Portfolio Metric (as of Q3 2025)	Amount/Value	Social Risk Mitigation
Total Operating Square Footage	~10.2 million sq. ft.	Provides scale and geographic diversity.
DC Government Acquisition Square Footage (April 2025)	289,873 sq. ft.	Exposure is to stable, local government (not federal remote work risk).
Portfolio Occupancy	97%	High occupancy rate underscores mission-critical nature of assets.
Weighted Average Remaining Lease Term	9.5 years	Long-term stability against short-term social/political shifts.

Focus on specialized facilities (labs, courthouses) reflects the changing, specialized needs of government employees.

The social evolution of the government workforce points to a greater need for specialized, modern infrastructure, not just cubicle farms. This is where Easterly Government Properties shines. The company's development pipeline is heavily weighted toward these high-spec, socially critical assets that require employees to be on-site, a major defense against vacancy risk.

The demand for these specialized spaces reflects a broader social and governmental shift toward high-tech, decentralized operations.

• Acquired a 138,125 square foot facility in September 2025 leased to York Space Systems, a government-adjacent partner, which includes clean rooms for satellite production.
• Developing a Federal District and Federal Magistrate Courthouse in Medford, Oregon, a 40,035 rentable square foot project with a 20-year non-cancelable lease.
• Maintained significant holdings in specialized medical facilities, like the VA outpatient clinics, which are essential for a growing veteran population.

This strategy is about aligning real estate with the evolving social contract of government services. The facilities are specialized, so they are not easily repurposed, which means the government is highly motivated to renew. Finance: Track the percentage of Core FFO derived from specialized (non-office) facilities by the end of Q4 2025.

Easterly Government Properties, Inc. (DEA) - PESTLE Analysis: Technological factors

Acquisition of the York Space Systems facility aligns with U.S. Defense and Space technology partners.

You're seeing an immediate, high-tech shift in Easterly Government Properties' portfolio, moving beyond traditional government offices into the specialized defense and space sectors. This is a clear technological play. The acquisition of the York Space Systems facility in Greenwood Village, Colorado, in late 2025 is a prime example.

The 138,125 square foot property is a mission-critical asset, fully leased to a key industry partner of the U.S. Space Development Agency (SDA). This isn't a standard office building; it's a highly specialized manufacturing site that includes dedicated clean rooms for producing standardized small satellite platforms, like the S-Class satellite bus. This move positions Easterly Government Properties to benefit from the U.S. government's growing emphasis on space technology and supply chain resilience. The company paid $29 million for this facility, which had a cap rate in the low elevens, demonstrating a strong return profile for a high-tech asset.

Development of specialized, high-spec properties like the Fort Myers laboratory requires advanced building systems.

The company's development pipeline is heavily focused on facilities that are technologically complex, demanding advanced building systems far beyond typical commercial real estate. Take the Fort Myers, Florida, crime laboratory development for the Florida Department of Law Enforcement (FDLE).

This approximately 64,000 square foot facility, where sitework began in the third quarter of 2025, is a built-to-suit project that must incorporate state-of-the-art laboratories. These labs handle highly sensitive forensic examination activities such as DNA analysis, toxicology, firearm examination, and digital evidence processing. The building's core systems-HVAC, air filtration, security, and power-must meet stringent, non-negotiable specifications to support these 24/7, high-precision operations. This is a 25-year non-cancelable lease, so the technological infrastructure has to be designed for long-term reliability and future upgrades.

Increased tenant demand for secure, specialized, and technologically advanced facilities drives new development pipeline.

The demand from government and government-adjacent tenants is clearly shifting toward facilities that are purpose-built for modern technological and security needs. This is the core driver of the company's development strategy. The full-year 2025 guidance assumes a gross development-related investment of between $25 million and $75 million, a significant capital allocation toward these specialized, high-tech projects.

The entire portfolio is built around mission-critical work, which often means incorporating high-security technology like Sensitive Compartmented Information Facility (SCIF) spaces. This focus on specialized, secure real estate is what keeps the portfolio occupancy near historical highs at 97% and maintains a weighted average remaining lease term of 9.5 years as of September 30, 2025. This is a defensive, high-barrier-to-entry business model.

Here's the quick math on their key 2025 technological developments:

Project/Acquisition	Square Footage (Approx.)	Technological Focus	2025 Status/Investment Data
York Space Systems (Acquisition)	138,125 SF	Satellite Production (Clean Rooms, Defense/Space Tech)	Acquired in Q3 2025 for $29 million (low-elevens cap rate).
Fort Myers Laboratory (Development)	64,000 SF	Forensic Science (State-of-the-Art Labs, HVAC, Security)	Land acquired in Q3 2025; Sitework commenced Q3 2025.
Development Pipeline (Total)	N/A	High-Spec, Mission-Critical Facilities (General)	Full-year 2025 investment guidance of $25M - $75M.

Property management is defintely becoming more data-driven for operational efficiency.

The shift to data-driven property management (PropTech) is implicit in Easterly Government Properties' model, especially when contrasted with the government's own real estate struggles. The U.S. government portfolio has over $80 billion of deferred maintenance because their facilities are, on average, half a century old. Easterly Government Properties' buildings, with a weighted average age of only 16.4 years, are designed to be modern and efficiently maintained.

This efficiency comes from using modern building management systems (BMS) and data analytics to optimize operations, which directly contributes to the company's stated goal of achieving 'sustained operational efficiencies.' This focus is a competitive advantage, allowing the company to offer a higher quality, more reliable service to its tenants. It's a simple equation: better technology means lower operating costs and happier tenants.

• Maintain modern buildings: Average age is 16.4 years, drastically lower than the government average.
• Drive efficiency: Contributes to the Core FFO growth rate, which is projected to be 2% to 3% for 2025.
• Reduce risk: Proactive maintenance via BMS minimizes the risk of system failures in mission-critical facilities.

Easterly Government Properties, Inc. (DEA) - PESTLE Analysis: Legal factors

Portfolio stability rests on a Weighted Average Lease Term (WALT) of approximately 9.5 years with the U.S. Government.

The legal framework surrounding Easterly Government Properties' (DEA) portfolio creates a highly stable, albeit specialized, risk profile. The core of this stability is the long-term commitment from its primary tenant, the U.S. Government. As of September 30, 2025, the portfolio's Weighted Average Remaining Lease Term (WALT) stood at approximately 9.5 years. This WALT is a critical legal metric, as it dictates the duration of the company's predictable revenue stream, offering a high degree of certainty that is rare in the broader commercial real estate market.

To be fair, this figure is down slightly from the 9.8 years reported at the end of the first quarter, but it still reflects a strong, long-duration asset base. The legal structure of these leases-specifically the maximum 20-year term for U.S. Government leases-puts a natural ceiling on the WALT, which the company attempts to counter by diversifying into state government leases, like the new Florida Crime Lab, which secured a 25-year non-cancelable term.

Non-cancelable lease terms provide predictable, bond-like cash flows, minimizing tenant turnover risk.

The non-cancelable nature of the leases with the U.S. Government is the single most important legal factor underpinning the company's valuation. These leases function much like a high-credit corporate bond, providing a fixed stream of cash flow backed by the full faith and credit of the U.S. Government. This legal certainty minimizes the two biggest risks for a typical landlord: tenant default and tenant turnover.

For example, the 74,549 square foot facility near Burlington, Vermont, acquired in May 2025, is secured by a 10-year non-cancelable General Services Administration (GSA) lease that does not expire until May 2031. This is a concrete example of the legal protection built into the portfolio. The company's focus on mission-critical facilities-like law enforcement and border security-further ensures that termination clauses are effectively moot, as the agencies cannot simply move their operations.

• Non-cancelable lease terms are the legal foundation for predictable revenue.
• New development in Fort Myers, Florida secured a 25-year non-cancelable lease.
• Tenant default risk is nearly zero due to the U.S. Government credit rating.

The GSA's five-year prospectus lease renewal process is a slow-moving, bureaucratic headwind.

While the long-term leases are a legal strength, the renewal process itself is a significant operational and legal headwind. For major lease actions-those where the net annual rent exceeds the prospectus threshold (which was $3.613 million for FY2024)-the GSA must submit a prospectus to Congress for review and approval. This process is highly bureaucratic.

The GSA itself has a five-year planning process for these prospectus-level leases, which can take up to five years to complete from the initial planning stage to the tenant agency's occupancy in the renewed or new space. This extended timeline means Easterly Government Properties must start the renewal dialogue years in advance, tying up management time and introducing uncertainty into future cash flows until the Congressional resolution is adopted. It's a slow, complex dance with multiple government stakeholders-GSA, the Office of Management and Budget (OMB), and two Congressional committees.

Corporate actions in 2025, including a reverse stock split, were taken to improve capital structure compliance and market perception.

A major legal and financial action in 2025 was the 1-for-2.5 reverse stock split completed on April 28, 2025. This was a direct move to address capital structure concerns and improve market perception, particularly to ensure the stock price remained compliant with New York Stock Exchange (NYSE) listing requirements.

Here's the quick math on the change:

Metric	Pre-Split (Approx.)	Post-Split (Effective April 28, 2025)
Reverse Split Ratio	N/A	1-for-2.5
Outstanding Shares of Common Stock	112.3 million	44.9 million
Quarterly Dividend (Pre-Adjustment)	$0.18 per share	$0.45 per share
Target Core FFO Payout Ratio	N/A	55-65%

The company also adjusted its dividend to $0.45 per share post-split, aligning its Core Funds from Operation (Core FFO) payout ratio to a target range of 55-65%. This move was a defintely necessary legal and governance action to signal a more sustainable financial model to investors and to maintain the company's status as an attractive, high-quality net lease REIT.

Easterly Government Properties, Inc. (DEA) - PESTLE Analysis: Environmental factors

New Development Projects Target LEED and Net-Zero Standards

The environmental factor is a clear tailwind for Easterly Government Properties, Inc.'s development pipeline, directly aligning its new construction with the U.S. General Services Administration (GSA) green mandates. Your focus here should be on the cost-saving and future-proofing nature of these projects.

The new federal courthouse in Medford, Oregon (JUD - Medford), which was awarded a 20-year non-cancelable lease in April 2025, is a prime example. This 40,035 rentable square foot facility is designed to meet LEED Silver for New Construction standards. More significantly, the Flagstaff, Arizona courthouse (JUD - Flagstaff), a 50,777 rentable square foot project, is intended to be a LEED Silver, net zero facility. This net-zero target, the first of its kind for the portfolio, shows the company is proactively moving ahead of the curve.

Here is a quick comparison of these mission-critical development projects:

Project	Lease Award Date	Rentable Square Feet (RSF)	Target Environmental Standard
Medford, Oregon Courthouse	April 2025	40,035	LEED Silver for New Construction
Flagstaff, Arizona Courthouse	March 2024	50,777	LEED Silver, Net Zero Facility

Existing Portfolio Commitment to Green Building Standards

The existing portfolio demonstrates a strong, measurable commitment to green standards, which is a defintely competitive advantage in GSA procurement. The GSA favors landlords who can show a track record of efficiency and compliance.

As of March 31, 2025, the company's portfolio included 100 operating properties spanning approximately 9.7 million leased square feet. A key acquisition in April 2025, a 289,873 square foot facility leased to the DC Government, is already certified as LEED Silver and Energy Star rated. This is a smart way to grow the portfolio while immediately improving its environmental profile.

The company's environmental metrics show real progress, not just talk:

• Achieved a 4% decrease in total portfolio energy usage in 2023.
• Obtained 16 ENERGY STAR Certifications in 2023.
• Maintains a long-term goal to reduce energy consumption by 10% by 2030.
• Recognition as a Green Lease Leader and an ENERGY STAR Premier Level Certification Nation member.

This focus on efficiency also provides a direct financial benefit, as the company lowered the interest rate margin on its $450 million senior unsecured revolving credit facility by one basis point in early 2024 by meeting third-party sustainability ratings.

GSA Deferred Maintenance and the Shift to Leasing

The crisis of deferred maintenance (DMR) on government-owned assets is a major macro-environmental factor that structurally favors Easterly Government Properties, Inc.'s modern, leased portfolio. The sheer scale of the problem makes new, efficient leased space a cost-effective solution for the taxpayer.

The General Services Administration (GSA) itself reported that its deferred maintenance backlog exceeded $17 billion in March 2025. Looking broader, the collective deferred maintenance liability for federal civilian agencies was approximately $80 billion in Fiscal Year 2022, a number that continues to grow. This massive liability on older, government-owned buildings is why the GSA is increasingly choosing to lease new, Class A, mission-critical properties from private developers like Easterly Government Properties, Inc. The company offers a modern, energy-efficient alternative that bypasses the government's own capital expenditure and maintenance burden. That's a clear market signal.

Green Leasing Clauses as a Future Procurement Factor

Future GSA procurements will be heavily influenced by mandatory green leasing clauses, which is an opportunity Easterly Government Properties, Inc. is already positioned to meet. The GSA's Green Lease Standards and Guidelines (GLSG), effective since October 1, 2023, mandate sustainability provisions in new leases.

Specifically, new lease solicitations issued after September 30, 2023, for at least 25,000 rentable square feet where the government occupies 75% or more of the building, must be green leases. These clauses require the lessor (the landlord) to report annual data on the facility's greenhouse gas (GHG) emissions, energy and water consumption, and waste generation. The ultimate goal is even stricter: new lease solicitations issued after September 30, 2030, for properties over 25,000 RSF, must be in Net-Zero Emissions (NZE) buildings. The Flagstaff project shows the company is already building to this future standard, putting it years ahead of the 2030 deadline.